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TitleChina and the Future of Globalization
LanguageEnglish
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Total Pages201
Table of Contents
                            Dedication
Contents
List of Diagrams
List of Tables
List of Maps
Initial Reflections
1 Economy and security
2 The Century of Asia with China Leading the Way?
3 People and Goods in the Changing World
4 Socialism, Capitalism or Chinism?
5 Recipe for Crisis
6 What Do the Chinese Ask About?
7 New Pragmatism with Chinese Characteristics
Final Reflections
Notes
References
Index
                        
Document Text Contents
Page 2

China and the Future of
Globalization

Page 100

People and Goods in the Changing World 87

confrontation is more of an opportunity for the future than a threat
to it. We need to realize, however, that it’s not only new markets that
are emerging, as liberal capitalism would have it, but also emerging
alternative ideologies are making themselves known. �e faster this is
acknowledged by intellectual leaders and the heads of all world political
and economic centers, the better.

In a nutshell: the greatest threat to the rich Western world, as well as
to some economies (called emerging markets by the West) that try to
follow it blindly, doesn’t come from China but from the myth of the free
market being perfect. �e wisdom of the East is not a threat to the future
of the world; if anything, it’s our one more chance for development in
the future. �e real threat is the lack of su�cient wisdom (not to say
stupidity) of the West.

�e world is moving toward multiculturalism and heterodoxy, and so
economics should move that way, too. Neoliberalism’s primitive one size
fits all approach, adopting a single policy to all countries without taking
account of their cultural speci�city and historic legacy, and in isolation
from geopolitics, is becoming a thing of the past. �is is not the way.

�e world of the future is a world of multiplicity. A multiplicity of
cultures and traditions, but also that of preferences and visions; that
of economic systems and types of economic policies. �e world of the
future is neither a world dominated by the Euro-Atlantic pact nor by
China or, more broadly speaking, Asia. �ere will be no age of Asia,
with the rest pushed into the background. �e world will not turn �at in
any direction (Friedman 2005), as it will always be round. China, with
its huge dimension, will stick out above others but will not overwhelm
them. �ere is no reason to be afraid and, on top of that, scare others
with the ‘Chinese dream’, suggesting that it poses a threat to the global
order (Mosher 2017). Americans once had their American Dream, so
others have it, too. All people have the right to dream, don’t they?

�at’s probably how the Chinese feel, subscribing to the Zhōngguó
mèng slogan or the Chinese dream proposed by their leader (Xi 2014),
and now they are trying to give it a practical content. Just as long as
these dreams are realistic enough and not ful�lled at the expense of

Page 101

China and the Future of Globalization88

others. President Xi is urging people, especially the young ones, and
he probably wishes there were more of those in the Middle Country,
to ‘dare to dream, work assiduously to ful�ll the dreams and contribute
to the revitalization of the nation’ (Yi 2013), which should lead both to
increasing welfare and to national glory. And to the �ourishing of
Chinese socialism. But that’s quite another story …

Page 200

Index 187

multiculturalism 87
multipolarity 86

nationalism 18, 58, 77, 133, 159;
economic 149

natural rate of unemployment 106
Naughton, Barry 93
neoliberalism 18, 76, 78, 86, 123,

133–9, 149, 159
new nationalism 18, 58, 77, 81, 133,

159
new pragmatism 86, 91, 126–8, 133,

143, 158–9
New Silk Road programme 32–3,

36–40, 120, 124, 152
Niger 57
Nigeria 14, 30, 55–6, 69
‘19+1’ initiative 154
Nixon, Richard 82–3, 130
Nokia (company) 76
North Korea 9, 17, 23, 35
nuclear weapons 17
Nuti, Mario D. 93–4

Obama, Barack 22
one-child policy 61–2
outsourcing of business activities 31–2
Owen, Robert 98

Papua New Guinea 35–6
Paris climate accord (2015) 17, 150,

159
Park, Chung-hee 112
Park, Donghyun 66
Pax Romana, Pax Americana and Pax

Sinica 164
people: retirement-age 52, 60, 62;

working-age 52, 61–4; young 59,
62, 158

the Philippines 35
Phillips curve 105
Pinochet, Augusto 112
Poland 11, 20, 26, 37, 48, 50, 62, 102,

122, 126–7, 141–4, 151–3
Pompeo, Mike 11

Ponzi scheme 116
population 1, 15–19, 27–9, 33, 42–5,

51–2, 55–65, 71–2, 75, 79–82, 90,
93, 99–100, 103, 107, 112, 118–20,
140, 146, 151–2, 160; of the
world 1; by region 57

populism 133, 136
‘post-communist’ and ‘post-socialist’

countries 96
price controls 103–4
price of money 170
privatization of state assets 114
producers’ markets 101–2
profits’ share of GDP 135
property relations 113–16
protectionism 1, 10–11, 20–5, 30, 36
public goods state 123
purchasing power parity (PPP) 42–3
Putin, Vladimir 6

Qatar 61
Qi Baishi 84

Reagan, Ronald 134–5
regulation of the economy 2, 16, 85,

134
reinstitutionalizing globalization 80,

124
remittances 61
renminbi currency 83–4
Revolution: Communist 33; French

130; Industrial 28; Technological
135

robotics 64
Romney, Mitt 22
rule of law 24
Russia 5–8, 11, 18, 37, 46, 61

Saint-Simon, Henri de 98
Salvador 36
Samsung (company) 24, 76
sanctions, economic 25
Sanders, Bernie 98
Sany Group Co. 22
saving, propensity for 151

Page 201

Index188

savings 16, 104
Scandinavian countries 95, 159
Shanghai 32, 118, 142, 150
Shanghai Cooperation Organization

(SCO) 81–2
Shanxinhui swindle (2016–2017) 116
Shin, Kwanho 66
shortageflation (SHF) 104, 107,

109–10
shortages 99–110, 122
short-termism 12–13
‘Sinodependency index’40–1
Sinophobia 8–9
‘16+1’ initiative 152, 155, 157
social exclusion 135
social market economies 112, 127, 164
socialism 89–100, 103–9, 112–14,

118–31; constitutive elements of
93–4; four criteria for 93

Socialism with Chinese
characteristics 94, 121, 127

‘soft landing’ 47–8, 72
soft loans 110
South Africa 13
South Asian Association for Regional

Cooperation (SAARC) 29
South Korea 13, 35, 40, 67, 112
Soviet Union 15, 37, 42, 109, 133–4
stagflation (SF) 104–5
Stalinism 96
standard of living 65, 107
state capitalism 78, 94, 98, 112–13,

123, 125
state-owned enterprises (SOEs) 65,

77, 110, 114–18, 124–5
state socialism 15
supply 29, 32, 34, 51, 60, 62, 65, 91,

100–1, 106–9
supply of money 108
surpluses, economies of 101–2
Switzerland 38
Syria 18
Szijjarto, Peter 155–6

Taiwan 40
taxation changes 136–9

technological change 70
terms in office, limits on 2
terrorism 18, 28, 38
think tanks 142
Tillerson, Rex 51
total fertility rate (TFR) 57
tourism 74–5
trade wars 20–3
Trans-Pacific Partnership (TPP) 80–1
triple balance 143
Trump, Donald 8, 10, 17, 20–2, 36,

52, 82–3, 135–6, 149–50, 163
‘Trumponomics’ 149

Ukraine 18, 46, 50, 154
unemployment 98, 105–7, 109, 137
United Kingdom 8, 37, 67
United Nations (UN) Organization

55, 58
United States (US) 5–11, 20–6, 31,

35, 42, 44, 51–2, 67, 111, 134–9,
149, 156, 163; Federal Reserve
138; House of Representatives 136

urbanization 69
utopian socialists 98

Vietnam 29, 35, 63, 78, 81, 92, 97, 109

Wang Yi 36
warfare 5
‘Washington Consensus’ 84–5, 125
the West 1, 37, 74–6
westernization 85
win-win globalization 124
working-age population 62–4
World Bank 39
World Trade Organization (WTO)

21, 25, 120, 122

Xi Jinping 12, 37, 87–8, 125–9, 149–50

young people’s views 158

Zhou Enlai 130–1
Zimbabwe 98
ZTE Corporation 23–4, 76

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